At Ladies In Property Services, we have worked with a lot of property owners over the years, and we have seen many sellers losing deals on their property sales because of the many mistakes they make. One of those mistakes is the property owners putting their properties on the market without clarifying their reasons to sell.
Why do you want to sell your property? Is it necessary or just optional to sell?
For some people, selling their property is a necessity. They may need to relocate for a job, are going through a family transition such as marriage or divorce, or are facing bankruptcy. In these cases, if they don’t sell their property, something bad might happen. For instance, they might not be able to afford two home loans, and they might end up ruining their credit profile.
On the other hand, for some people, selling is optional but desired. These types of sellers want a lifestyle change. They may think their current property is becoming too small for their growing family, be unhappy with their neighbourhood, or want to live in a better school district. In these cases, nothing bad will really happen if the property owner doesn’t sell their property, however they just want to make a housing change.
So before you put your property on the market, ask yourself if you are a necessary or an optional seller? If you fall into the “optional seller” category, ask yourself: Do I really want to sell my property? Sometimes, selling isn’t the best option. Here are some things to consider:
- Do I like this neighbourhood? If you like your neighbourhood, consider other options to selling your property
- Would adding on new rooms or renovating be a better option? Renovating your property is often cheaper than paying the sales commissions, attorney fees and moving costs involved with selling a property.
- Do I have enough space for extending? Do you have enough land to extend the house?
- Would renovating or extending make your property easier or harder to sell in the future? For any property changes you make, consider how they would impact your decision to sell later on. For instance, would your renovations be too elaborate for your current neighbourhood, making it difficult to recoup your improvements costs?
- Do you need permission to renovate or extend? Some local municipalities require you to seek approval before making any major renovations or extensions to your property.
Selling your property is a big decision, and how motivated you are to sell will influence nearly every decision you make regarding successfully marketing your property.